Business
Community Redevelopment Inc. Fiscal 2021 Year End Financial Highlights Include $18.47 Million Increase in Assets And $1 Million In Cash
Community Redevelopment Inc. Fiscal 2021 Year End Financial Highlights Include $18.47 Million Increase in Assets And $1 Million In Cash.
About this update from Community Redevelopment Inc.
[{"type":"text","content":"\n MIAMI, April 05, 2022 (GLOBE NEWSWIRE) -- Community Redevelopment (OTC: CRDV) (\"the Company\"), a real estate firm focused on community-oriented development in urban and suburban markets, with an expertise in all aspects of the real estate development life-cycle, today announced consolidated financial results for its Fiscal Year ending December 31, 2021. This is the first public disclosure of the strategic acquisitions undertaken by the company in last year’s fiscal ending December 31st. Community Redevelopment Year End Highlights Finalized a Merger Agreement with Red Hills Capital Advisors, LLCAcquired six properties in the Washington D.C. metropolitan regionAssets increased by $18.47 millionCash increased by more than $1 million Charles Arnold, Chief Executive Officer of Community Redevelopment, said, \"Fiscal 2021 kicked off our first full year as a public company. We plan to access the capital markets to enhance our ability to address our stated goals for land acquisition and development, planned product expansion, and several large-scale development projects. Market conditions have created exciting opportunities for homebuilders. Community Redevelopment has acquired membership interests in six properties that provide the Company an excellent base to grow from.” Mr. Arnold added, \"Over the last year, we set the stage for advancing our business plan towards becoming an all-inclusive finance and real estate company investing in the future of urban and suburban communities in the U.S.\" Summary Fourth Quarter And Year End 2021 Results Assets: Total Assets increased to $18.47 million for the Fiscal Year ending December 31, 2021. This was attributed to the acquisition of Red Hills Capital Advisors, LLC for shares of the Company’s stock. As a result of this acquisition, the Company has now acquired a portfolio of membership interests in six commercial retail, multifamily and mixed-use properties, in the Washington, D.C. Metro area. The primary utilization for these properties are retail stores, apartment buildings, and centers which are either owned or held under long-term operating leases. Community Redevelopment owns membership interests in six properties in the Washington D.C. metropolitan region, which are comprised of retail, multifamily and mixed-use development projects. Our acquisition strategy is ba...